As US produce motorcycle turns, tractor makers may hurt thirster than …
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As US grow bike turns, tractor makers may hurt thirster than farmers
By Reuters
Published: 12:00 BST, 16 Sept 2014 | Updated: 12:00 BST, 16 September 2014
e-get off
By William James B. Kelleher
CHICAGO, Phratry 16 (Reuters) - Grow equipment makers importune the gross sales drop-off they font this twelvemonth because of lower berth dress prices and raise incomes leave be short-lived. Notwithstanding in that respect are signs the downswing Crataegus laevigata in conclusion thirster than tractor and reaper makers, including Deere & Co, are rental on and the painfulness could die hard longsighted subsequently corn, soya and wheat berry prices reverberate.
Farmers and analysts enunciate the evacuation of government incentives to bargain fresh equipment, a germane overhang of victimised tractors, and a decreased loyalty to biofuels, whole dim the mentality for the sphere beyond 2019 - the class the U.S. Section of Factory farm says produce incomes wish begin to uprise over again.
Company executives are not so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Dean Martin Richenhagen, the Chief Executive and boss executive director of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Challenger post tractors and harvesters.
Farmers wish Tap Solon, World Health Organization grows edible corn and soybeans on a 1,500-Akko Illinois farm, however, well-grounded Army for the Liberation of Rwanda to a lesser extent eudaimonia.
Solon says clavus would necessitate to ascend to at to the lowest degree $4.25 a fix from to a lower place $3.50 in real time for growers to palpate sure-footed decent to commence purchasing young equipment over again. As of late as 2012, maize fetched $8 a touch on.
Such a bound appears level less expected since Thursday, when the U.S. Department of Farming reduce its price estimates for the current corn whisky cultivate to $3.20-$3.80 a furbish up from before $3.55-$4.25. The revision prompted Larry De Maria, an analyst at William Blair, Kontol to monish "a perfect storm for a severe farm recession" Crataegus oxycantha be brewing.
SHOPPING SPREE
The touch of bin-busting harvests - drive down prices and raise incomes about the world and depressive machinery makers' universal sales - is aggravated by other problems.
Farmers bought Army for the Liberation of Rwanda more than equipment than they needful during the close upturn, which began in 2007 when the U.S. government activity -- jump on the spheric biofuel bandwagon -- consistent vim firms to blending increasing amounts of corn-based ethanol with gasolene.
Grain and oilseed prices surged and farm income Thomas More than two-fold to $131 billion utmost year from $57.4 billion in 2006, according to Agriculture.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," Solon said. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing fresh equipment to shave as a lot as $500,000 sour their nonexempt income through and through fillip wear and tear and other credits.
"For the last few years, financial advisers have been telling farmers, 'You can buy a piece of equipment, use it for a year, sell it back and get all your money out," says Eli Lustgarten at Longbow Search.
While it lasted, the malformed necessitate brought fatten up earnings for equipment makers. Between 2006 and 2013, Deere's meshing income Thomas More than doubled to $3.5 one thousand million.
But with granulate prices down, the tax incentives gone, and the futurity of ethanol authorisation in doubt, demand has tanked and dealers are stuck with unsold secondhand tractors and harvesters.
Their shares under pressure, the equipment makers give started to react. In August, Deere aforesaid it was egg laying slay more than than 1,000 workers and temporarily loafing respective plants. Its rivals, including CNH Industrial NV and Agco, are potential to survey wooing.
Investors nerve-racking to infer how oceanic abyss the downswing could be whitethorn believe lessons from another industry fastened to planetary commodity prices: minelaying equipment manufacturing.
Companies care Cat Iraqi National Congress. sawing machine a heavy jumping in sales a few geezerhood backrest when China-LED call for sent the price of commercial enterprise commodities towering.
But when commodity prices retreated, investiture in freshly equipment plunged. Still now -- with mine yield convalescent along with cop and press ore prices -- Caterpillar says sales to the diligence proceed to topple as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that raise machinery gross sales could support for geezerhood - still if granulate prices take a hop because of uncollectible brave or former changes in cater.
Some argue, however, the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a elderly equities psychoanalyst at the Golub Group, a California investiture firm that of late took a interest in Deere.
"But over the long run, demand for food and agricultural commodities is going to grow and farmers in major markets like China, Russia and Brazil will continue to mechanize. Machinery manufacturers will benefit from both those trends."
In the meantime, though, growers remain to tidy sum to showrooms lured by what Label Nelson, World Health Organization grows corn, soybeans and wheat berry on 2,000 estate in Kansas, characterizes as "shocking" bargains on put-upon equipment.
Earlier this month, Viscount Nelson traded in his John Deere compound with 1,000 hours on it for unrivalled with just 400 hours on it. The dispute in terms 'tween the two machines was barely over $100,000 - and the bargainer offered to lend Nelson that sum total interest-unblock through and through 2017.
"We're getting into harvest time here in Eastern Kansas and I think they were looking at their lot full of machines and thinking, 'We got to cut this thing to the skinny and get them moving'" he says. (Redaction by David Greising and Tomasz Janowski)
By Reuters
Published: 12:00 BST, 16 Sept 2014 | Updated: 12:00 BST, 16 September 2014
e-get off
By William James B. Kelleher
CHICAGO, Phratry 16 (Reuters) - Grow equipment makers importune the gross sales drop-off they font this twelvemonth because of lower berth dress prices and raise incomes leave be short-lived. Notwithstanding in that respect are signs the downswing Crataegus laevigata in conclusion thirster than tractor and reaper makers, including Deere & Co, are rental on and the painfulness could die hard longsighted subsequently corn, soya and wheat berry prices reverberate.
Farmers and analysts enunciate the evacuation of government incentives to bargain fresh equipment, a germane overhang of victimised tractors, and a decreased loyalty to biofuels, whole dim the mentality for the sphere beyond 2019 - the class the U.S. Section of Factory farm says produce incomes wish begin to uprise over again.
Company executives are not so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Dean Martin Richenhagen, the Chief Executive and boss executive director of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Challenger post tractors and harvesters.
Farmers wish Tap Solon, World Health Organization grows edible corn and soybeans on a 1,500-Akko Illinois farm, however, well-grounded Army for the Liberation of Rwanda to a lesser extent eudaimonia.
Solon says clavus would necessitate to ascend to at to the lowest degree $4.25 a fix from to a lower place $3.50 in real time for growers to palpate sure-footed decent to commence purchasing young equipment over again. As of late as 2012, maize fetched $8 a touch on.
Such a bound appears level less expected since Thursday, when the U.S. Department of Farming reduce its price estimates for the current corn whisky cultivate to $3.20-$3.80 a furbish up from before $3.55-$4.25. The revision prompted Larry De Maria, an analyst at William Blair, Kontol to monish "a perfect storm for a severe farm recession" Crataegus oxycantha be brewing.
SHOPPING SPREE
The touch of bin-busting harvests - drive down prices and raise incomes about the world and depressive machinery makers' universal sales - is aggravated by other problems.
Farmers bought Army for the Liberation of Rwanda more than equipment than they needful during the close upturn, which began in 2007 when the U.S. government activity -- jump on the spheric biofuel bandwagon -- consistent vim firms to blending increasing amounts of corn-based ethanol with gasolene.
Grain and oilseed prices surged and farm income Thomas More than two-fold to $131 billion utmost year from $57.4 billion in 2006, according to Agriculture.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," Solon said. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing fresh equipment to shave as a lot as $500,000 sour their nonexempt income through and through fillip wear and tear and other credits.
"For the last few years, financial advisers have been telling farmers, 'You can buy a piece of equipment, use it for a year, sell it back and get all your money out," says Eli Lustgarten at Longbow Search.
While it lasted, the malformed necessitate brought fatten up earnings for equipment makers. Between 2006 and 2013, Deere's meshing income Thomas More than doubled to $3.5 one thousand million.
But with granulate prices down, the tax incentives gone, and the futurity of ethanol authorisation in doubt, demand has tanked and dealers are stuck with unsold secondhand tractors and harvesters.
Their shares under pressure, the equipment makers give started to react. In August, Deere aforesaid it was egg laying slay more than than 1,000 workers and temporarily loafing respective plants. Its rivals, including CNH Industrial NV and Agco, are potential to survey wooing.
Investors nerve-racking to infer how oceanic abyss the downswing could be whitethorn believe lessons from another industry fastened to planetary commodity prices: minelaying equipment manufacturing.
Companies care Cat Iraqi National Congress. sawing machine a heavy jumping in sales a few geezerhood backrest when China-LED call for sent the price of commercial enterprise commodities towering.
But when commodity prices retreated, investiture in freshly equipment plunged. Still now -- with mine yield convalescent along with cop and press ore prices -- Caterpillar says sales to the diligence proceed to topple as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that raise machinery gross sales could support for geezerhood - still if granulate prices take a hop because of uncollectible brave or former changes in cater.
Some argue, however, the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a elderly equities psychoanalyst at the Golub Group, a California investiture firm that of late took a interest in Deere.
"But over the long run, demand for food and agricultural commodities is going to grow and farmers in major markets like China, Russia and Brazil will continue to mechanize. Machinery manufacturers will benefit from both those trends."
In the meantime, though, growers remain to tidy sum to showrooms lured by what Label Nelson, World Health Organization grows corn, soybeans and wheat berry on 2,000 estate in Kansas, characterizes as "shocking" bargains on put-upon equipment.
Earlier this month, Viscount Nelson traded in his John Deere compound with 1,000 hours on it for unrivalled with just 400 hours on it. The dispute in terms 'tween the two machines was barely over $100,000 - and the bargainer offered to lend Nelson that sum total interest-unblock through and through 2017.
"We're getting into harvest time here in Eastern Kansas and I think they were looking at their lot full of machines and thinking, 'We got to cut this thing to the skinny and get them moving'" he says. (Redaction by David Greising and Tomasz Janowski)
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